My simplistic reading is this:CNP has a NEGATIVE NTA of $2.57...

My simplistic reading is this:

CNP has a NEGATIVE NTA of $2.57 approx.

CER has a POSITIVE NTA of .41c approx.

CNP manages leases and services of CER owned properties.

CNP owns 51% of CER shares. CER is CNP's cash cow.

CNP give all their CER shares to senior lenders in exchange for loans owed. Swapping debt for tangible assets means the senior lenders reduce their lending and the LVR drops to a much more acceptable level for there ongoing lending.

CER ends up with senior lenders a shareholders / investors. Lower debt, lower LVR. Leaner and healthier.

$100 Mill is supposedly set aside to close out CNP. Which includes all entities with an interest in the company.

On track history if the Junior lenders, Class action litigants use up $80mill of the $100M. What's left for the shareholders.

As I say this is my view only. And I hope for those in the red it turns out well for you.

I think the lenders should be held accountable for lending so much in the first place. But then again if that wasn't a strategy lenders wouldn't have a repossessions department hey.